- SUI has surged +150% from its lows in early August.
- The growth of the network has shown a slight deceleration in recent days.
Sui [SUI] has made significant strides in recovery, rising over 150% since its early August low of $0.5. Throughout September, the L1 network has increased by 60%, surpassing the previous resistance level of $1.2 that was set in Q2/Q3, potentially indicating the beginning of a new bullish phase.
Notably, crypto analyst Raoul Pal of Real Vision commented that SUI was ready for a substantial breakout in its price trends. He pointed to SUI’s recent breakthrough over long-term trendline resistance and the SUI/SOL ratio.
In brief, he indicated that SUI might experience a remarkable increase surpassing SOL.
What’s next for SUI price: Are further recovery gains on the horizon?
Source: SUI/USDT, TradingView
SUI faced challenges maintaining its position above $1 during the market declines observed in Q2 and Q3. However, it has now surpassed $1 and is poised to turn the $1.05 – $1.13 resistance zone (highlighted in cyan) into a support zone.
If this occurs, the short-term bullish target of $1.4 could present a potential gain of 24%. Alongside this bullish market structure, technical indicators on the chart are signaling positive trends.
Nevertheless, the RSI and stochastic RSI indicators are suggesting that overbought conditions could be approaching ahead of the forthcoming Fed rate decision. A price drop below $1 would negate the previously discussed near-term bullish scenario.
In that event, the demand zone above $0.8 (marked in white) could become a key area to monitor.
Growth in Sui’s network has surged, but…
Source: Artemis
Despite the optimistic outlook, some on-chain metrics create discrepancies. The recovery has coincided with a rise in network growth, shown by an increase in daily active users (yellow).
The number of addresses exceeded 1.25 million as SUI moved past the $1 mark. This was followed by a boost in DEX volume, indicating heightened DeFi activity on the network. However, active addresses have declined over the past three days, which may hinder further recovery.
Read Sui [SUI] Price Prediction 2024-2025
That being said, nearly 54% of the top smart traders on Binance are betting on continued price growth for SUI. This suggests potential for upward movement for SUI.
Source: Coinglass
However, it’s important to keep an eye on macroeconomic updates and geopolitical influences that may impact SUI and broader risk assets.
